Richard Wolff: How Capitalism Exploits You DEBUNKED (The Gravel Institute Debunked)

On January 22nd, 2021, famed Marxist Professor Richard Wolff released a video for the Gravel Institute explaining how capitalism exploits you. “In order for capitalists to make a profit, their workers have to earn less than the value they produce, and that extra value has to go to their bosses. You’re being robbed,” says Wolff. Do we really have to refute Marx’s Labor Theory of Value again? Why not? Join me for my first ever livestream video debunk. I’ll be reading and addressing comments throughout.

Hashtags: #Marxism#TheGravelInstitute#RichardWolff#Economics#Socialism#Communism#Capitalism

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References:

Murphy, R. P. (2020, October 05). A Critique of the Labor Theory of Value. Retrieved January 31, 2021, from https://mises.org/wire/critique-labor-theory-value.

Sowell, T. (2014). Basic Economics. New York: Basic Books.

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This video may contain copyrighted content. Under Section 107 of the Copyright Act 1976, allowance is made for -fair use- for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

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Falling Rate of Profit/”Late Stage Capitalism” DEBUNKED (Collab w/ Esoteric Entity)

I’m joined by my friend Esoteric Entity in this video. Tovarishch Endymion thinks that Marx proved that profits inevitably fall and therefore Capitalism was doomed from the start. However, market economies still thrive while socialist visions like the USSR have collapsed. Was Marx right? Even if he was, he certainly didn’t prove that Capitalism is doomed or that Socialism is superior.

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Original Video:

Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for -fair use- for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.

HARASSMENT NOTICE
It is not my intention to cause the original video creator to receive any kind of harassment or abuse. While I do use sarcasm and satire, my intention is to provide a counter argument to claims they have made. While I have no control over the feedback you choose to provide, I ask that you avoid any forms of harassment or abuse.

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Academic Sources:

Cockshott, P. (2013). Is the Theory of a Falling Rate of Profit Valid? World Review of Political Economy, 4(3), 323-340.

Sowell, T. (2014). Basic Economics. New York: Basic Books.

How Government Regulations Made Healthcare So Expensive. (2017, May 09). Mises Institute. Retrieved from https://mises.org/blog/how-government-regulations-made-healthcare-so-expensive

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